Eaton Vance National Municipal Opportunities Trust Sets Trustee Election

TL;DR

**EOT shareholders, vote FOR the recommended Class II Trustee nominees to maintain stable governance and experienced oversight.**

AI Summary

Eaton Vance National Municipal Opportunities Trust (EOT) is holding its Annual Meeting of Shareholders on January 7, 2026, at One Post Office Square, Boston, Massachusetts. The primary agenda item is the election of three Class II Trustees: Cynthia E. Frost, Keith Quinton, and Nancy Wiser Stefani, to be elected by the shareholders of the Fund’s Common Shares. As of October 28, 2025, EOT had 15,624,921 Common Shares outstanding. The Board of Trustees, which consists of nine noninterested Trustees, recommends voting FOR the election of these nominees. The filing indicates that no Trustee held shares directly in EOT as of October 28, 2025, but all noninterested Trustees beneficially owned over $100,000 in equity securities across the broader Eaton Vance family of funds. The Board emphasizes its general oversight responsibility, including risk oversight, and relies on reports from Fund management and the adviser/administrator.

Why It Matters

This DEF 14A filing is crucial for EOT investors as it outlines the upcoming election of three Class II Trustees, who will shape the fund's governance and strategic direction. The continuity of experienced trustees like Cynthia E. Frost and Keith Quinton, who have served since 2014 and 2018 respectively, provides stability. For the broader market, this reflects standard governance practices in the closed-end fund sector, where trustee elections are key to maintaining oversight of investment strategies and risk management, especially in a competitive municipal bond market. Investors should consider the nominees' backgrounds and the Board's recommendation when casting their votes.

Risk Assessment

Risk Level: low — The risk level is low as this DEF 14A primarily concerns routine trustee elections, not significant operational or financial changes. The Board of Trustees, comprising nine noninterested Trustees, demonstrates established governance, and all current Trustees beneficially own over $100,000 in the Eaton Vance family of funds, aligning their interests with shareholders.

Analyst Insight

Investors should review the backgrounds of the nominated Class II Trustees – Cynthia E. Frost, Keith Quinton, and Nancy Wiser Stefani – and follow the Board's recommendation to vote FOR their election. Promptly return the proxy card to ensure shares are represented at the January 7, 2026, Annual Meeting.

Key Numbers

• 15,624,921 — Common Shares Outstanding (As of October 28, 2025, for Eaton Vance National Municipal Opportunities Trust)
• January 7, 2026 — Annual Meeting Date (Date of the Annual Meeting of Shareholders for EOT)
• October 28, 2025 — Record Date (Date for determining shareholders entitled to vote at the Annual Meeting)
• 3 — Class II Trustees (Number of Class II Trustees to be elected for EOT)
• 9 — Total Trustees (Fixed number of Trustees on the Board for EOT)
• 6 — Regularly Scheduled Meetings (Number of regularly scheduled Board meetings per year)
• 11:30 a.m. — Meeting Time (Eastern Time for the Annual Meeting)
• 2026 — Term Expiration Year (Current term expiration year for Class II Trustees of EOT)
• 76 — Retirement Age (Age at which a noninterested Trustee must retire)
• 20 — Years of Service for Retirement (Maximum years of service for a noninterested Trustee before retirement)

Key Players & Entities

• Eaton Vance National Municipal Opportunities Trust (company) — Registrant
• Kenneth A. Topping (person) — President of Eaton Vance Limited Duration Income Fund and Eaton Vance National Municipal Opportunities Trust
• Nicholas S. Di Lorenzo (person) — Secretary of the Boards of Trustees of the Funds
• Cynthia E. Frost (person) — Nominee for Class II Trustee for EOT, Trustee since 2014
• Keith Quinton (person) — Nominee for Class II Trustee for EOT, Trustee since 2018
• Nancy Wiser Stefani (person) — Nominee for Class II Trustee for EOT, Trustee since 2022
• Alan C. Bowser (person) — Noninterested Trustee for EOT, Trustee since 2023
• Scott E. Wennerholm (person) — Chairperson of the Board and Trustee for EOT, Chairperson since 2025, Trustee since 2016
• SEC (regulator) — Securities and Exchange Commission
• $100,000 (dollar_amount) — Aggregate dollar range of equity securities beneficially owned by each noninterested Trustee in the Eaton Vance family of funds

FAQ

Industry Context

The Eaton Vance National Municipal Opportunities Trust operates within the closed-end fund sector, specifically focusing on municipal bonds. This sector is influenced by interest rate environments, municipal credit quality, and tax legislation. Competition exists among various closed-end funds and other investment vehicles offering exposure to municipal debt.

Regulatory Implications

As a registered investment company, the Trust is subject to the oversight of the Securities and Exchange Commission (SEC) and the Investment Company Act of 1940. The election of trustees is a standard governance requirement, and compliance with proxy solicitation rules is critical.

What Investors Should Do

1. Review the proxy statement for detailed information on the trustee nominees.
2. Vote your shares by returning the proxy card.
3. Attend the Annual Meeting on January 7, 2026, if possible, to vote in person.

Key Dates

• 2026-01-07: Annual Meeting of Shareholders — Shareholders will vote on the election of three Class II Trustees.
• 2025-10-28: Record Date — Determined shareholders entitled to vote at the Annual Meeting.
• 2025-11-25: Proxy Materials Sent — Shareholders received the Notice of Annual Meeting, Proxy Statement, and Proxy Card.

Glossary

DEF 14A

A filing required by the U.S. Securities and Exchange Commission (SEC) by companies that are required to file with the SEC. It contains information that the company is required to provide to its shareholders in connection with an annual meeting or a special meeting of shareholders. (This document is the proxy statement for the Annual Meeting of Shareholders of Eaton Vance National Municipal Opportunities Trust.)

Class II Trustees

In a staggered board structure, trustees are divided into classes, with each class elected for a multi-year term. Class II trustees have terms that expire at the third annual meeting following their election. (Three Class II Trustees are up for election at the Annual Meeting.)

Common Shares

The basic form of stock ownership in a corporation, representing ownership of the company and carrying voting rights. (Shareholders of Common Shares will vote for the election of the Class II Trustees.)

Proxy Card

A document that authorizes a designated person to vote a shareholder's shares at a meeting in their absence. (Shareholders are urged to complete and return the proxy card to ensure their shares are represented at the Annual Meeting.)

Noninterested Trustees

Trustees who are not officers or employees of the company and do not have other financial interests that could create a conflict of interest. (The Board of Trustees, composed of noninterested Trustees, recommends voting FOR the election of the nominees.)

Year-Over-Year Comparison

This filing is a proxy statement for an annual meeting focused on trustee elections. It does not contain comparative financial performance data against a prior year's filing. Key metrics such as revenue, net income, or asset values are not presented in this document, which is typical for a DEF 14A focused on corporate governance and elections.

Key Financial Figures

• $0.01 — f common shares of beneficial interest, $0.01 par value per share (“Common Shar
• $25,000 — value per share, liquidation preference $25,000 per share (“APS”), outstand
• $100,000 — erested Trustees Alan C. Bowser Over $100,000 Cynthia E. Frost Over $100,000 Geo
• $100,000 K — Over $100,000 Valerie A. Mosley Over $100,000 Keith Quinton Over $100,000 Marcus L.
• $100,000 M — ey Over $100,000 Keith Quinton Over $100,000 Marcus L. Smith Over $100,000 Nancy Wi
• $100,000 B — er $100,000 Scott E. Wennerholm Over $100,000 Board Meetings and Committees The Board

Filing Documents

• evldif-efp19737_def14a.htm (DEF 14A) — 212KB
• img_001.jpg (GRAPHIC) — 10KB
• img_002.jpg (GRAPHIC) — 2961KB
• img_003.jpg (GRAPHIC) — 1879KB
• img_004.jpg (GRAPHIC) — 2464KB
• img_005.jpg (GRAPHIC) — 1799KB
• img_006.jpg (GRAPHIC) — 2540KB
• img_007.jpg (GRAPHIC) — 1681KB
• 0001133228-25-012732.txt ( ) — 17685KB

From the Filing

DEF 14A 1 evldif-efp19737_def14a.htm EATON VANCE LIMITED DURATION INCOME FUND - DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to Section 240.14a-12 Eaton Vance Limited Duration Income Fund Eaton Vance National Municipal Opportunities Trust (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee computed on table below per Exchange Act Rules 14a-6(i) (1) and 0-11. Eaton Vance Limited Duration Income Fund Eaton Vance National Municipal Opportunities Trust   One Post Office Square Boston, Massachusetts 02109 November 25, 2025   Dear Shareholder: You are cordially invited to attend the Annual Meeting of Shareholders (the “Annual Meeting”) of your Fund, which will be held at the principal office of each Fund, One Post Office Square, Boston, Massachusetts 02109, on Wednesday, January 7, 2026 at 11:30 a.m. (Eastern Time). At the Annual Meeting, you will be asked to consider the election of Trustees of each of Eaton Vance Limited Duration Income Fund and Eaton Vance National Municipal Opportunities Trust. The enclosed proxy statement contains additional information. I hope that you will be able to attend the Annual Meeting. Whether or not you plan to attend and regardless of the number of shares you own, it is important that your shares be represented. I urge you to complete, sign and date the applicable enclosed proxy card and return it in the enclosed postage-paid envelope as soon as possible to ensure that your shares are represented at the Annual Meeting. Sincerely, /s/ Kenneth A. Topping Kenneth A. Topping President YOUR VOTE IS IMPORTANT - PLEASE RETURN YOUR PROXY CARD PROMPTLY. It is important that your shares be represented at the Annual Meeting. Whether or not you plan to attend, you are requested to complete, date, sign and return the applicable enclosed proxy card as soon as possible. You may withdraw your proxy if you attend the Annual Meeting and desire to vote at the Annual Meeting. Eaton Vance Limited Duration Income Fund Eaton Vance National Municipal Opportunities Trust   NOTICE OF ANNUAL MEETING OF SHAREHOLDERS Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on Wednesday, January 7, 2026: The Notice of Annual Meeting of Shareholders, Proxy Statement, Proxy Card(s) and Shareholder Report(s) are available on the Eaton Vance website at https://funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php. The Annual Meeting of Shareholders of each of the above registered investment companies, each a Massachusetts business trust (each, a “Fund” and together, the “Funds”), will be held at the principal office of each Fund, One Post Office Square, Boston, Massachusetts 02109, on Wednesday, January 7, 2026 at 11:30 a.m. (Eastern Time) (the “Annual Meeting”), for the following purposes:   (1) To elect Trustees of each Fund as outlined below: a. For Eaton Vance Limited Duration Income Fund: (i) two Class II Trustees, Keith Quinton and Susan J. Sutherland to be elected by the holders of the Fund’s Common Shares and Auction Preferred Shares, voting together as a single class. (ii) one Class II Trustee, Nancy Wiser Stefani, to be elected by the holders of the Fund’s Auction Preferred Shares, voting separately as a single class; and b. For Eaton Vance National Municipal Opportunities Trust, three Class II Trustees, Cynthia E. Frost, Keith Quinton and Nancy Wiser Stefani, to be elected by the shareholders of the Fund’s Common Shares. (2) To consider and act upon any other matters that may properly come before the Annual Meeting and any adjourned or postponed session thereof. Although each Fund is holding a separate meeting, the meetings will be held concurrently. Shareholders of each Fund will vote separately. Any such vote FOR or AGAINST a proposal will also authorize the persons named as proxies to vote accordingly FOR or AGAINST any such adjournment of the Annual Meeting. The Board of Trustees of each Fund has fixed the close of business on October 28, 2025 as the record date for the determination of the shareholders of a Fund entitled to notice of and to vote at the Annual Meeting and any adjournments or postponements thereof.

View Full Filing

View this DEF 14A filing on SEC EDGAR